Slow vaccinations and a new wave of coronavirus infections have delayed economic recoveries in countries like Thailand, Indonesia, the Philippines and India.
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Japan's second-largest nonlife insurer, MS&AD, foresees the potential rise in claim payments in 2050 from current levels to be anywhere between 5% and 50%.
At the March review, the BOJ kept policy steady and unveiled steps to make its tools sustainable enough to weather a prolonged battle to hit its 2% inflation target.
Kuroda said there were various challenges in managing climate-related financial risks, such as the difficulty of setting scenarios for stress tests and a lack of data.
Widening the band, or clarifying the BOJ's intention to let market forces drive yield moves more, would help bring life back to a market numbed by years of heavy-handed intervention.
The measures, due to expire in March, will likely be extended for at least half a year as a precaution against the deepening pain from COVID-19.
The approach marks a stark contrast to the bold moves other countries have made to protect flagship carriers.
Japan has been cautious about moving too quickly on digital currencies given the social disruptions it could cause.
Some in Nagasaki fret the merged bank, which would belong to a financial group based in Fukuoka Prefecture, may shift its focus away from local borrowers.
The Bank of Japan is moving toward stress testing many banks simultaneously based on standardized risk scenarios, bringing it in line with overseas counterparts.